In violation of international rights: An Israeli settler raises a flag in Hebron in the occupied West Bank.
On Friday, Israeli media reported that the oil fund would review investments in illegal Israeli settlements. The claims were rejected by Norges Bank – on the other hand, it increased investments.
According to an Israeli newspaper
Haaretz The oil fund should review all its investments in Israel to ensure it is not funding activities or settlements in the occupied Palestinian territories.
The newspaper was among several media outlets that cited official, but anonymous, Israeli sources.
The government’s Pension Fund Global – known as the Oil Fund – is managed by Norges Bank. Executive Communications Director Marthe Scar rejects the claims:
– I can deny this. There is no new information from our side. He tells NTB that such decisions are made anyway as a result of the ethics council’s recommendations.
Ethics Council Evaluates the oil fund’s investments and makes recommendations to Norges Bank’s board. The council is appointed by the government.
* Abroad the Norwegian State Pension Fund, popularly known as the Oil Fund, was established in 1996.
* The fund is now one of the world’s largest sovereign wealth funds and owns nearly 1.5 percent of all listed companies in the world.
* The fund’s investments currently exceed NOK 12,400 billion.
* The Ministry of Storing and Finance has decided the framework for managing the fund.
* The fund’s guidelines state, among other things, that it should not invest in companies involved in the production of nuclear weapons, tobacco or coal-fired power.
* This also applies to companies that contribute to or are responsible for environmental damage, gross human rights violations, or “violations of the rights of individuals in situations of war or conflict.”
* The finance ministry has set up an independent ethics council to assess which companies not to invest in.
* Financier John H. The Ethics Council, chaired by Andresen, forwards its recommendations to Norges Bank’s Board of Directors, which makes decisions on exclusion, care or exercise of rights.
Sources: NTB, Oil Fund, Ministry of Finance See more Investments will increase
According to NTB’s review, the oil fund now invests in 42 companies linked to solutions. That’s 15 more than in 2020 — when the news agency did a similar review.
The UN Security Council has previously determined that Israeli settlements in the occupied Palestinian territories are illegal and in violation of international law.
In 2018, the UN High Commissioner for Human Rights a
“The Blacklist” On companies operating or incorporated in residences. 112 companies – most of which are based in Israel – are listed.
This is the list NTB took as its starting point. With 42 companies, the oil fund invests in every third company on the UN blacklist.
* Israel occupied the West Bank and Golan Heights in Syria in 1967 and later refused to comply.
UN calls for withdrawal from areas.
* Coming from Israel
About 270 settlements and so called outposts Over 30 residences in the West Bank and Golan Heights.
* The settlements are currently home to about 700,000 Israelis and were created out of violation
Fourth Geneva Conference Article 49 states that “The Occupying Power shall not deport or transfer any of its own nationals to the occupied territories”.
* Adopted by the UN Security Council on 23 December 2016
A resolution It says settlements and outposts are illegal and all construction activities in them must be stopped immediately.
The position of Norway “Israel” and “Territory of Israel” include the territory under Israeli control prior to 4 June 1967.
Source: NTP See more
There is currently no outlook for the oil fund’s investments through the end of 2022.
In 2021, the oil fund decided to divest from three companies as a result of Israel’s actions in illegal settlements.
: Ashstrom Group, Mivne Real Estate And Shabir Engineering and Industry.
However, as of early 2022, the fund still had investments in Ashstrom and Shabir. According to him
own perspective Funds have not been recovered from many such institutions during the current year.
Supporter: Israel’s incoming defense minister, far-right nationalist Itamar Ben-Gvir, is a staunch champion of establishing more settlements in the occupied Palestinian territories. He himself lives in such a settlement. – No grounds for exclusion
International legal expert Cecile Hellestweed is one of the members of the Ethics Council. In 2020, in the Council’s view, business in Israeli settlements will not lead to exclusion – even if the companies are on the UN’s blacklist.
– The threshold for withdrawal from the oil fund is high, he told NTB at the time.
International legal expert: Cecile Hellestweed is a member of the Ethics Council. Here he is photographed in 2017.
– Earning income from Israeli settlements in the occupied territory shall not be grounds for exclusion. The nature of the business concerned with aggression or other violations of international law will be decisive.
LO: – Very problematic
The LO and the international trade union movement are strongly involved in this matter. In a recent report, it was established that oil funds once again topped the list of European financial institutions investing in companies linked to Israeli settlements.
Among other things, the oil fund owns NOK 4.5 billion worth of shares in five Israeli banks that help finance construction activities in settlements.
– The oil fund, which manages the community’s money, continues to invest in banks that finance the construction of settlements in occupied Palestinian land, said LO Vice President Steinar Krogstad.
Free trade union movement Early in the month.
The facts about Israel’s occupation
* During the Six Day War in 1967, Israel occupied the Sinai Peninsula and Gaza Strip from Egypt, East Jerusalem and the West Bank from Jordan, and the Golan Heights from Syria.
* In 1979, Israel signed a peace treaty with Egypt and withdrew from the Sinai Peninsula.
* As a result of the 1993 Oslo Accords, the Palestinians gained political and security control over 18 percent of the West Bank. However Israeli forces continue to operate in these areas and decide who is allowed in and out.
* In 22 percent of the West Bank, the Palestinian Authority and Israel share security responsibility, while Israel has full military control over the remainder.
* Israel largely controls water resources and infrastructure in the West Bank.
* In 2005, Israel withdrew its forces from the Gaza Strip and demolished settlements there. The area is under siege, with Israel still in control of the airspace and coastline.
* After the 2006 elections in the Palestinian territories, Hamas won and Israel blockaded the Gaza Strip. The UN still considers the area occupied by Israel.
* The UN has declared Israel’s occupation of the West Bank and Gaza Strip illegal. The Security Council has said this in several resolutions.
* Israel has never complied with UN resolutions, avoiding punitive measures thanks to a US veto in the Security Council.
Source: NTP See more